'City will have to launch Brexit plans if there is no transitional deal'

FCA chief warns that firms will have to take action at end of year, as Wall Street bank Citi is tipped to announce Frankfurt moveMajor City firms will start implementing their Brexit contingency plans at the end of the year unless there is an agreement about the UK’s transition terms for exit from the EU, according to the City regulator.Financial Conduct Authority chief executive Andrew Bailey said City firms were getting near to the point where they would have to take steps to move staff